10 January 2025
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF
INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE
INFORMATION WITHIN THE MEANING OF (A) ARTICLE 7(1) OF UK MAR IN SO
FAR AS IT RELATES TO ORDINARY SHARES ISSUED BY GEORGINA ENERGY
PLC
Georgina Energy
plc
("Georgina", "Georgina
Energy" or the "Company")
Operational
Update
Georgina Energy Plc (GEX.L), a
helium, hydrogen and natural resources development company in
Australia, provides an operational update on EP513 Hussar and
EPA155 Mt Winter.
EP513
Hussar
As announced in December 2024, the
Company was required to submit an Environmental Impact Report
("EIR") and heritage report as part of the final application for
the drilling permit.
Due to the expansion of the
structural closure to approximately 350 km² - an increase of 50 km²
- the Company and its consultants are now required to submit a
revised EIR to the Department of Energy, Mines, Industry Regulation
and Safety of Western Australia ("DEMIRS") due to reflect the
additional development opportunities within the field and enhanced
scope of future field development. The existing heritage report
will remain unchanged and shall be used for the purposes of the
submission.
This expanded EIR requires an
additional site visit, which remains dependent on safe access amid
ongoing adverse weather conditions. The completion of the expanded
EIR and subsequent submission of the permit application to DEMIRS
is now expected to take approximately 60 days. Once the EIR and
heritage report are filed with the DEMIRS the application will be
considered complete.
Georgina remains in close contact
with the appointed DEMIRS compliance management team and is
confident that drilling approval will be granted upon submission of
the final application by Westmarket Oil & Gas Pty Ltd.
The Company continues to engage with station
owners and Shire Councils within the permit area to monitor the
weather and will provide further updates as
needed.
Scoping
Study
Following the review of the initial
draft of the scoping study for Hussar, which included capital and
operating cost estimates along with sensitivity analysis for the
proposed gas separation and purification plant to be owned and
operated by the offtake group, a revised and updated draft is
expected in February 2025.
EPA155 Mount
Winter
The Company is currently negotiating
the final draft of the ALRA agreement, required for the
ratification of EPA155 by the Northern Territory Minister for the
Department of Mining and Energy.
Georgina's independent consultants
are currently reviewing the resource potential of the Mt Winter
incorporating reprocessed and re-mapped 2D seismic data. A final
report is expected in March 2025.
The company is also preparing a
draft Joint Operating Agreement for review and approval by farm-in
partners.
Additional
targets
Additional targets with advanced
prospects and proven high concentrations of helium, hydrogen and
hydrocarbons remain a focus for post-Hussar and Mt Winter
development. The Company continues to progress negotiations
with two listed parties under Confidentiality Agreements. The
Company's consultants have completed reviews and submitted
recommendations, and any conditional binding farm-in agreements
will be subject to successful negotiations.
Anthony Hamilton, Chief Executive
Officer of Georgina Energy, commented:
"We are very pleased the Hussar opportunity is bigger than
initially thought, and all within our existing asset area. However,
while unforeseen weather and revisions of the Environmental Impact
Report have shifted our timeline, we remain systematically focused
on unlocking the significant value potential of our assets. This
temporary shift does not alter our long-term vision or strategy,
and we remain confident in achieving our objectives at Hussar and
Mt Winter."
END
Enquiries
Georgina Energy
Tavira Financial Ltd - Financial
Adviser and Joint Broker
Oak Securities - Joint
Broker
Financial PR via
georginaenergy@apcoworldwide.com
|
Violet Wilson
|
+44 (0)203 757 4980
|
|
Letaba Rimell
|
|
Notes to Editors
Georgina Energy aims to become a
leading player in the global energy market and is focused on
establishing itself among the top producers of helium and hydrogen
worldwide. With a strategic approach and leveraging the experienced
management team's expertise, Georgina Energy aims to capitalize on
opportunities in these critical energy sectors.
Georgina Energy has two principal
onshore interests held through its wholly owned Australian
subsidiary, Westmarket O&G. The first, the Hussar
Prospect is located in the Officer Basin in Western Australia and
Westmarket O&G holds a 100% working interest in the exploration
permit. The second, the EPA155 Mt Winter Prospect, is located
in the Amadeus Basin in the Northern Territory, which Georgina
Energy has a right to earn an initial 75 per cent. interest in
(with the potential to reach 90 per cent.).
In line with market demand trends,
Georgina Energy is well-positioned to capitalize on the growing gap
between supply and demand for hydrogen and helium with the resource
potential of EPA155 Mt Winter and EP513 Hussar projects for their
potential accumulations.
For more information
visit https://www.georginaenergy.com
